Home Building Booms in November as Rates Drop
• Annual pace of new home construction surged 14.8% in November compared to October • Housing starts at highest rate since May, rising for 3rd month in a row • Building permits ticked down 2.5% from October's revised number • Strong November activity driven by 40%+ increase in single-family homes under construction • Mortgage rates fell from near 8% in October to under 7% in November, increasing affordability